(Adds details on earnings)
MEXICO CITY May 3 Mexican mining, rail and
infrastructure company Grupo Mexico on Wednesday
reported a 10.75 percent year-on-year drop in its net profit in
the first quarter, hurt by a slip in copper output higher costs.
The company, one of the world's top copper producers, said
in a report to Mexico's market bourse that it earned $412.4
million in net profit from January through March. Analysts had
forecast $430 million, according to Thomson Reuters I/B/E/S.
Copper prices surged in the first quarter from the same
period in 2016, but Grupo Mexico said its output of the red
metal slipped 6 percent on the closure of operations of its
Asarco unit. Its silver and gold output was also down slightly.
Grupo Mexico faced higher costs, financial spending and
taxes on profit, though it reported a 17.8 percent rise in
Grupo Mexico's mining company Southern Copper Corp
said earlier on Wednesday that its first-quarter net profit rose
70 percent from the same period a year ago.
(Reporting by Adriana Barrera and Mitra Taj; Editing by Leslie